Commerzbank Q results. Analyst conference

Commerzbank Q4 2009 results Analyst conference

2009 Risk reduction and stability 2009 was marked by one-off integration costs, rising LLPs and impact from the financial crisis Substantial progress on Dresdner Bank integration Leverage ratio improved actively de-risked portfolios and significantly reduced assets Commerzbank laid the basis for sustainable and profitable growth 1

Total assets reduced by 202bn within one year Total Assets in bn 1,046 425 123 242 256-19% 844 361 107 177 199 FY 2009 Claims on customers reduced to 361bn - mainly abroad Decrease of positive market values from derivatives by 65bn Sale of industrial holdings and foreign subsidiaries Leverage ratio reduced to 24 (vs. 36 as of Dec. 2008) Q4 2009 q-o-q decrease by 48bn mainly driven by ABF, C&M and PRU Dec 2008 1) Dec 2009 Claims on customers Others Claims on banks Positive market values derivates 1) 2008 pro-forma 2

RWA down by 17%, Tier 1 ratio remains at sound level RWA in bn -17% FY 2009 RWA reduction mainly driven by execution of de-risking strategy 338-54 -19 +15 280 Q4 2009 Tier 1 capital stands at 29.5bn Tier-1 capital includes final PPAadjustments (Dresdner Bank goodwill of 1.7bn) Sound Tier 1 ratio of 10.5% RWA Dec 2008 1) Volume FX/ Others Rating migration RWA Dec 2009 1) 2008 pro-forma 3

Significant integration progress Cost synergies Targeted cost synergies increased by 25% to 2.4bn Cost synergies achieved in 2009 ~27% above plan Corporates & Markets Front-office HR integration almost finalized Right sizing towards focussed client centric business model Successful brand migration Wind down portfolios significantly downsized Personnel reduction Reduction 77% above plan Additionally almost 1,400 early retirements agreed on Almost 50% of overall reduction contracted Outlook 2010: Reduction of a further 500 FTEs already contractually agreed Cost synergies 2009 522 661 Personnel reduction C&M * in FTE 1,383 1,562 Personnel reduction in FTE 1,766 3,126 Plan Dec 2009 Dec 2009 Plan Dec 2009 Dec 2009 Plan Dec 2009 Dec 2009 * incl. Global Functional Lead 4

Highlights: Q4 was marked by rising LLPs and weak trading profit Q4 2009 vs Q3 2009 FY 2009 vs FY 2008 * Revenues 1 2,146-1,293 10,948 +3,722 thereof net interest income 1,890 +121 7,189-31 thereof commission income 972 +19 3,722-954 thereof trading profit -561-1,220-358 +4,275 Loan Loss Provisions -1,324-271 -4,214-661 Operating expenses 2,396 +132 9,004-116 Operating profit -1,574-1,696-2,270 +3,177 Net profit -1,857-802 -4,537 +2,002 2 NII remained on sound level, commission income continued to improve Trading income was affected by de-risking (i.e. monolines and trading books) and weak market conditions Operating expenses affected by integration charges PC and MSB with positive operating profit in all quarters despite challenging markets * pro-forma 1 before LLP 2 before unwinding of 0.2bn 5

Net interest income remained on a high level Net interest income 361 *** NII in Q4 2009 remained flat y-o-y (clean) and increased 6.8% q-o-q Q4 2009 supported by high lending margins due to ongoing repricing in loans 2009 NII increased by 4.8% (clean) 1,491 1,762 1,722 1,884 1,692 1,838 1,769 1,890 Σ 7,220 Σ 7,189 Q1 Q2 Q3 Q4 Q1** Q2 Q3 Q4 2008 * 2009 * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA ( 80m) *** 361m from capital gain and dissolution of interest accruals on own hybrids 6

Commission income continued to improve Commission income Commission income increased 2% q-o-q but was down 8.6% y-o-y Full year commission income decreased by 20%, main drivers - weak security transactions - closure of UK brokerage - overall weak markets 1,180 1,205 1,227 1,064 850 947 953 972 Σ 4,676 Σ 3,722 Q1 Q2 Q3 Q4 Q1** Q2 Q3 Q4 2008 * 2009 * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA ( 51m) 7

Disappointing trading result Trading profit Overall weak trading environment in Q4 (esp. for client centric investment banking) -247-246 -660-527 71 659-561 Trading profit in Q4 2009 suffered from de-recognition of monoline exposure ( 0.3bn) in PRU De-risking in C&M -3,480 - Q4-0.2bn - FY - 0.5bn Σ - 4,633 Σ - 358 Q1 Q2 Q3 Q4 Q1** Q2 Q3 Q4 2008 * 2009 * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA 8

Net investment income Net investment income Q4 result suffered from write-downs - PRU: 65m (ABS Portfolios) - ABF: 45m (impairments on warehouse-assets of CommerzReal) 467 386 1 172-283 -104-54 -87 Σ 81 Σ 417 Q1 Q2 Q3 Q4 Q1 ** Q2 Q3 Q4 2008 * 2009 * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA 9

Increased loan loss provisions in line with last guidance Loan loss provisions Strong increase in two segments in Q4 - ABF mainly driven by exposures in Ship Finance and CRE US - CEE (Eastern Europe) 1,976 Σ 3,553 ¹ Σ 4,214 1,324 898 844 993 1,053 488 191 Q1 Q2 Q3 Q4 Q1 ** Q2 Q3 Q4 2008 * 2009 * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA ¹ without unwinding 0.2bn 10

Operating expenses Operating expenses Personnel Other Expenses 1,110 1,116 Depreciation 170 Operating expenses increased by 132m q-o-q - 92m higher integration expenses - 25m one-offs in exit units Personnel expenses down 6% q-o-q 2,275 2,417 2,491 1,937 2,081 2,263 2,264 2,396 Σ 9,120 Σ 9,004 Q1 Q2 Q3 Q4 Q1** Q2 Q3 Q4 2008 * 2009 * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA 11

Costs under control Operating expenses -4.7% Integration expenses of 316m in 2009 Adjusted cost base down by 4.7% in 2009 confirming synergies 316* 9,120 9,004 8,688 2008 pro-forma 2009 as reported Adjusted cost base 2009 * Integration expenses not recognized as restructuring costs 12

Operating profit Operating profit & Net profit 470 236 200 122 Operating profit of - 1.57bn Pre-tax profit of - 1.84bn - Restructuring expenses in Q4 212m -131-595 -864-223 -761-1,055 - Write-down of Eurohypo brand name 55m Net profit of - 1.86bn -1,447-1,522-4,339-1,574-1,857-5,453 Q1 Q2 Q3 Q4 Q1** Q2 Q3 Q4 2008 * 2009 Operating profit Net profit attributable to Commerzbank shareholders and SoFFin * 2008 pro-forma ** first 12 days result of Dresdner Bank is not accounted but included in PPA 13

PC and MSB with positive operating profit despite challenging markets Operating profit¹, Private Customers Mittelstandsbank Central & Eastern Europe 259 189 193 183 43 60 47 20 387 348 339 91 318 124 64 78 129 98 71 23 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4-59 -37-81 -197 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2008 2009 2008 2009 Corporates & Markets Asset Based Finance Portfolio Restructuring Unit 405 43 124 27 162 496-151 -180-1,360 0-93 -371-487 -513-202 -141-656 -1,204-696 -1,177-1,415-242 -302 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2008 2009-3,191 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 ¹ 2008 pro-forma All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 14

Private Customers ongoing profitable Operating profit ¹ 259 Ø Q4 equity allocation within Group 189 193 183 43 60 47 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 Q4`08 Q4`09 FY`08 FY`09 Ø equity ( m) 2,405 3,172 2,567 3,256 Op. RoE* (%) 30.4 2.5 32.1 5.2 CIR (%) 83.7 91.3 81.4 90.3 9.5% Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 604 544 547 2,315 2,223 Risk provisioning 4-70 -72-69 -246 Commission income 519 562 543 2,553 2,147 Trading profit 34 6 4 32 10 Net investment income -13 13-9 -31-4 Operating expenses 920 949 971 3,910 3,862 Operating profit 183 47 20 824 170 NII still marked by weak deposit margins due to low interest level Commission income down due to less securities market activities Significant LLP increase in the wake of recession (FY-on-FY) Operating expenses down by 1.2% in FY 2009 given a sustained cost discipline Private Customers with a positive result in all quarters *annualized ¹ 2008 pro-forma All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 15

MSB: Operating profit above third quarter level Operating profit ¹ 387 348 339 91 318 124 64 78 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 Q4`08 Q4`09 FY`08 FY`09 Ø equity ( m) 4,903 5,256 4,855 5,406 Op. RoE* (%) 7.4 5.9 24.0 10.8 CIR (%) 33.5 46.1 41.8 46.4 15.3% Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 535 503 554 1,944 2,143 Risk provisioning -424-330 -298-556 -954 Commission income 283 215 217 1,000 880 Trading profit 62-55 -6 116-93 Net investment income -2 7 4-12 10 Operating expenses 259 339 321 1,235 1,334 Operating profit 91 64 78 1,165 584 NII increased by 10.1% q-o-q due to lower internal funding cost and higher lending margins LLPs slightly down vs Q3, but MSB Germany likely to have reached peak level Commission income stable q-o-q, but given market environment below FY 2008 level Ø Q4 equity allocation within Group C Operating expenses under control MSB Germany contributed an operating profit of 536m in 2009 *annualized ¹ 2008 pro-forma All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 16

CEE: Loan loss provisions peaked in Q4 Operating profit ¹ Ø Q4 equity allocation within Group *annualized 129 ¹ 2008 pro-forma 98 71 23-59 -37-81 -197 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 Q4`08 Q4`09 FY`08 FY`09 Ø equity ( m) 1,874 1,545 1,820 1,602 Op. RoE* (%) 4.9-51.0 17.6-23.3 CIR (%) 62.3 58.1 52.3 52.7 4.7% Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 188 165 184 675 681 Risk provisioning -75-142 -296-189 -812 Commission income 46 47 47 200 174 Trading profit -6 15 16 98 79 Net investment income 8-3 -5 69-14 Operating expenses 162 120 137 560 488 Operating profit 23-37 -197 321-374 Q4 marked by high LLPs in Eastern Europe Considerably increased risk provisioning need resulted in a clear loss in all quarters NII and commission income robust when compared to 2008 Operating expenses increased by marketing expenses and accelerated write-offs in IT BRE Bank contributed a positive operating profit of 44m in 2009 Number of customers at year end 3.7m (+17%) All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 17

Corporates & Markets: weak trading result Operating profit ¹ 405 Ø Q4 equity allocation within Group *annualized ¹ 2008 pro-forma -151-180 -1,360 43 0-93 -371 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 Q4`08 Q4`09 FY`08 FY`09 Ø equity ( m) 6,141 4,286 5,133 4,643 CIR (%) n/a >100 n/a n/a 12.8% Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 246 265 143 845 784 Risk provisioning -963-44 -25-1,520-289 Commission income 105 94 86 571 351 Trading profit -406 48-137 1,152 671 Net investment income -60 28 24-62 27 Operating expenses 339 490 468 2,328 1,980 Operating profit -1,360-93 -371-1,286-421 NII at normalized level Commission income stable in Q4 due to good transaction flow in Corporate Finance, especially in DCM loans Weak trading result of - 137m strongly driven by de-risking books, harmonization of valuations in the course of the migration of trading books and reduced customer flow Clear focus on integration and restructuring Operating loss of 421m in 2009 but a positive result at a level of + 255m w/o de-risking activities All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 18

ABF hit by strong increase in risk provisioning Operating profit ¹ 124 27 Ø Q4 equity allocation within Group -487-513 162-202 -141 2008 2009-656 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4`08 Q4`09 FY`08 FY`09 Ø equity ( m) 7,008 6,440 6,771 6,821 CIR (%) >100 >100 87.8 46.9 19.1% Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 273 242 258 1,293 1,073 Risk provisioning -275-372 -651-944 -1,588 Commission income 96 66 93 418 297 Trading profit -365 69-61 -749 197 Net investment income 0-2 -45-135 -87 Operating expenses 121 159 168 681 664 Operating profit -487-141 -656-849 -837 NII slightly up q-o-q Risk provisions up 75% q-o-q - mainly due to CRE US exposures and Ship Finance Commission income flat vs. previous year quarter Trading profit hit by markdowns on own securitizations Net investment income suffered from impairments on warehouse-assets of CommerzReal *annualized ¹ 2008 pro-forma All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 19

PRU with successful de-risking Operating profit ¹ -1,204 Ø Q4 equity allocation within Group -696-1,177-1,415-242 496-302 -3,191 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 Q4`08 Q4`09 FY`08 FY`09 Ø equity ( m) 2,057 1,626 1,583 1,854 CIR (%) n/a n/a n/a n/a 5.2% Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 89 52 65 262 254 Risk provisioning -256-99 11-264 -327 Commission income -5-2 -2 7 8 Trading profit -2,823 696-272 -5,325-813 Net investment income -169-111 -65-799 -441 Operating expenses 27 40 41 147 146 Operating profit -3,191 496-302 -6,268-1,463 Trading result in Q4 affected by de-recognition of major monoline exposure (- 0.3bn) Positive effect on revaluation reserve of 75m reflects impairments in net investment income Balance sheet reduction of 2.3bn q-o-q and 12.6bn y-o-y Outlook for 2010: markets continue to be volatile; better than expected start into the year *annualized ¹ 2008 pro-forma All operating segments on a full period base, Q1/09-12-day-effect will be adjusted in O&C 20

Others & Consolidation Operating profit ¹ 370 54-180 402 313 118-214 -146 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 Main P&L items ¹ Q4`08 Q3`09 Q4`09 FY`08 FY`09 Net interest income 310-2 139-114 31 Risk provisioning 13 4 7-11 2 Commission income 20-29 -12-73 -135 Trading profit 24-120 -105 43-409 Net investment income 132 14 9 1,051 926 Operating expenses 109 167 290 259 530 Operating profit 402-214 -146 646 71 NII improved due to strong Treasury contribution Trading profit in Q4 was negatively affected by Treasury and consolidation effects overcompensated in NII Operating expenses up due to integration costs ( 157m) ¹ 2008 pro-forma All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C 21

Strategic Roadmap 2012 progressing according to plan 2009 2010 2012 De-risking & Stability Considerably strengthened financial base Optimizing ABF Downsizing PRU with a value maximization approach Total assets significantly reduced (deleveraging) Complexity significantly reduced Integration process running according to plan Group turnaround Profitable Core Bank - MSB and PC continue to contribute significantly to the overall Group - C&M and CEE with considerably improved performance (vs. 2009) LLPs back to 2008 levels 1) Restructuring program in ABF will be continued Integration process and targeted synergies continue to be priority Profitability > 4bn group profit target CIR of below 60% Cost-synergies of 2.2bn Repayment of silent participation starting latest by 2012 ¹ 2008 LLPs 3.6bn + 0.2bn unwinding effect 22

2010 significantly improved Group results expected (in bn) 2009 Trend 2010 Net interest income 7.2 Stable Loan Loss provisions 4.2 Back to 2008 level ¹ Commission income 3.7 Improved market environment Trading profit -0.4 Less losses from de-risiking portfolios Operating expenses Operating profit 9.0-2.3 Remain at high levels, offset by higher synergies Significantly improved Group results, core bank profitable ¹ incl. unwinding effects 23

2010 transition to operating profitability Market environment remains difficult Hot spots: Ship Finance, CRE (US) and Ukraine (Bank Forum) Ongoing sound performance in MSB and PC, considerably improved development in C&M and CEE Realization of cost synergies of 1bn Commerzbank is well on track to reach targets of Roadmap 2012 24

Appendix 1: Segmental reporting 25

Commerzbank Group Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 1,491 1,762 1,722 2,245 7,220 1,692 1,838 1,769 1,890 7,189 Provision for possible loan losses -191-488 -898-1,976-3,553-844 -993-1,053-1,324-4,214 Net interest income after provisioning 1,300 1,274 824 269 3,667 848 845 716 566 2,975 Net commission income 1,180 1,205 1,227 1,064 4,676 850 947 953 972 3,722 Trading profit -247-246 -660-3,480-4,633-527 71 659-561 -358 Net investment income 467 1-283 -104 81 386 172-54 -87 417 Other result 45 52-64 -151-118 -71 5 112-68 -22 Revenue before LLP 2,936 2,774 1,942-426 7,226 2,330 3,033 3,439 2,146 10,948 Revenue after LLP 2,745 2,286 1,044-2,402 3,673 1,486 2,040 2,386 822 6,734 Operating expenses 2,275 2,417 2,491 1,937 9,120 2,081 2,263 2,264 2,396 9,004 Operating profit 470-131 -1,447-4,339-5,447-595 -223 122-1,574-2,270 Impairments of goodw ill 0 0 0 39 39 0 70 646 52 768 Restructuring expenses 25 0 0 0 25 289 216 904 212 1,621 Pre-tax profit 445-131 -1,447-4,378-5,511-884 -509-1,428-1,838-4,659 Investors Capital 14,418 14,548 14,804 15,066 14,709 23,608 26,738 34,539 34,371 29,814 Operating return on equity (%) 13.0% -3.6% -39.1% - -37.0% -10.1% -3.3% 1.4% -18.3% -7.6% Cost/income ratio in operating business (%) 77.5% 87.1% 128.3% -454.7% 126.2% 89.3% 74.6% 65.8% 111.6% 82.2% Return on equity of pre-tax profit (%) 12.3% -3.6% -39.1% -116.2% -37.5% -15.0% -7.6% -16.5% -21.4% -15.6% 26

Private Customers Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 561 575 575 604 2,315 567 565 544 547 2,223 Provision for possible loan losses -34-40 1 4-69 -49-55 -70-72 -246 Net interest income after provisioning 527 535 576 608 2,246 518 510 474 475 1,977 Net commission income 722 684 628 519 2,553 506 536 562 543 2,147 Trading profit 1 1-4 34 32 3-3 6 4 10 Net investment income 0-5 -13-13 -31-1 -7 13-9 -4 Other result -3-4 -14-45 -66-3 -14-59 -22-98 Revenue before LLP 1,281 1,251 1,172 1,099 4,803 1,072 1,077 1,066 1,063 4,278 Revenue after LLP 1,247 1,211 1,173 1,103 4,734 1,023 1,022 996 991 4,032 Operating expenses 988 1,022 980 920 3,910 980 962 949 971 3,862 Operating profit 259 189 193 183 824 43 60 47 20 170 Impairments of goodw ill 0 0 0 0 0 0 0 0 0 0 Restructuring expenses -6 1-3 -14-22 51 43 192 52 338 Pre-tax profit 265 188 196 197 846-8 17-145 -32-168 Average equity tied up 2,672 2,650 2,541 2,405 2,567 3,332 3,268 3,252 3,172 3,256 Operating return on equity (%) 38.8% 28.5% 30.4% 30.4% 32.1% 5.2% 7.3% 5.8% 2.5% 5.2% Cost/income ratio in operating business (%) 77.1% 81.7% 83.6% 83.7% 81.4% 91.4% 89.3% 89.0% 91.3% 90.3% Return on equity of pre-tax profit (%) 39.7% 28.4% 30.9% 32.8% 33.0% -1.0% 2.1% -17.8% -4.0% -5.2% 27

Mittelstandsbank Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 446 454 509 535 1,944 546 540 503 554 2,143 Provision for possible loan losses -9-35 -88-424 -556-90 -236-330 -298-954 Net interest income after provisioning 437 419 421 111 1,388 456 304 173 256 1,189 Net commission income 240 256 221 283 1,000 238 210 215 217 880 Trading profit 43-8 19 62 116 10-42 -55-6 -93 Net investment income -2-8 0-2 -12 0-1 7 4 10 Other result 1 8 3-104 -92-54 -5 63-72 -68 Revenue before LLP 728 702 752 774 2,956 740 702 733 697 2,872 Revenue after LLP 719 667 664 350 2,400 650 466 403 399 1,918 Operating expenses 332 319 325 259 1,235 332 342 339 321 1,334 Operating profit 387 348 339 91 1,165 318 124 64 78 584 Impairments of goodw ill 0 0 0 0 0 0 0 0 0 0 Restructuring expenses 0 0 0-2 -2 17 8 50-1 74 Pre-tax profit 387 348 339 93 1,167 301 116 14 79 510 ¹ Average equity tied up 4,887 4,705 4,925 4,903 4,855 5,711 5,391 5,266 5,256 5,406 Operating return on equity (%) 31.7% 29.6% 27.5% 7.4% 24.0% 22.3% 9.2% 4.9% 5.9% 10.8% Cost/income ratio in operating business (%) 45.6% 45.4% 43.2% 33.5% 41.8% 44.9% 48.7% 46.2% 46.1% 46.4% Return on equity of pre-tax profit (%) 31.7% 29.6% 27.5% 7.6% 24.0% 21.1% 8.6% 1.1% 6.0% 9.4% 28

Central and Eastern Europe Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 127 150 210 188 675 166 166 165 184 681 Provision for possible loan losses -17-25 -72-75 -189-173 -201-142 -296-812 Net interest income after provisioning 110 125 138 113 486-7 -35 23-112 -131 Net commission income 47 57 50 46 200 33 47 47 47 174 Trading profit 36 37 31-6 98 29 19 15 16 79 Net investment income 39 21 1 8 69-5 -1-3 -5-14 Other result 4 2-2 24 28 6 5 1-6 6 Revenue before LLP 253 267 290 260 1,070 229 236 225 236 926 Revenue after LLP 236 242 218 185 881 56 35 83-60 114 Operating expenses 107 144 147 162 560 115 116 120 137 488 Operating profit 129 98 71 23 321-59 -81-37 -197-374 Impairments of goodw ill 0 0 0 0 0 0 0 0 0 0 Restructuring expenses 0 0 0 0 0 0 0 0 5 5 Pre-tax profit 129 98 71 23 321-59 -81-37 -202-379 Average equity tied up 1,544 1,872 1,990 1,874 1,820 1,647 1,595 1,621 1,545 1,602 Operating return on equity (%) 33.4% 20.9% 14.3% 4.9% 17.6% -14.3% -20.3% -9.1% -51.0% -23.3% Cost/income ratio in operating business (%) 42.3% 53.9% 50.7% 62.3% 52.3% 50.2% 49.2% 53.3% 58.1% 52.7% Return on equity of pre-tax profit (%) 33.4% 20.9% 14.3% 4.9% 17.6% -14.3% -20.3% -9.1% -52.3% -23.7% 29

Corporates & Markets Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 245 170 184 246 845 179 197 265 143 784 Provision for possible loan losses -52-63 -442-963 -1,520-254 34-44 -25-289 Net interest income after provisioning 193 107-258 -717-675 -75 231 221 118 495 Net commission income 143 115 208 105 571 79 92 94 86 351 Trading profit 730 224 604-406 1,152 574 186 48-137 671 Net investment income -1 4-5 -60-62 -19-6 28 24 27 Other result -1 1-1 57 56-15 18 6 6 15 Revenue before LLP 1,116 514 990-58 2,562 798 487 441 122 1,848 Revenue after LLP 1,064 451 548-1,021 1,042 544 521 397 97 1,559 Operating expenses 659 602 728 339 2,328 501 521 490 468 1,980 Operating profit 405-151 -180-1,360-1,286 43 0-93 -371-421 Impairments of goodw ill 0 0 0 27 27 0 0 21 2 23 Restructuring expenses -5-1 -1-2 -9 62 63 79-76 128 Pre-tax profit 410-150 -179-1,385-1,304-19 -63-193 -297-572 ¹ Average equity tied up 4,774 4,574 5,043 6,141 5,133 5,062 4,808 4,416 4,286 4,643 Operating return on equity (%) 33.9% -13.2% -14.3% -88.6% -25.1% 3.4% 0.0% -8.4% -34.6% -9.1% Cost/income ratio in operating business (%) 59.1% 117.1% 73.5% -584.5% 90.9% 62.8% 107.0% 111.1% 383.6% 107.1% Return on equity of pre-tax profit (%) 34.4% -13.1% -14.2% -90.2% -25.4% -1.5% -5.2% -17.5% -27.7% -12.3% 30

Asset Based Finance Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 320 354 346 273 1,293 252 321 242 258 1,073 Provision for possible loan losses -78-324 -267-275 -944-207 -358-372 -651-1,588 Net interest income after provisioning 242 30 79-2 349 45-37 -130-393 -515 Net commission income 109 92 121 96 418 63 75 66 93 297 Trading profit -70 74-388 -365-749 262-73 69-61 197 Net investment income 1 4-140 0-135 -43 3-2 -45-87 Other result 13 41-10 -95-51 3-1 15-82 -65 Revenue before LLP 373 565-71 -91 776 537 325 390 163 1,415 Revenue after LLP 295 241-338 -366-168 330-33 18-488 -173 Operating expenses 171 214 175 121 681 168 169 159 168 664 Operating profit 124 27-513 -487-849 162-202 -141-656 -837 Impairments of goodw ill 0 0 0 0 0 0 70 624 51 745 Restructuring expenses 25 0 0 0 25 0 46 8 2 56 Pre-tax profit 99 27-513 -487-874 162-318 -773-709 -1,638 Average equity tied up 6,729 6,609 6,738 7,008 6,771 7,420 6,852 6,572 6,440 6,821 Operating return on equity (%) 7.4% 1.6% -30.5% -27.8% -12.5% 8.7% -11.8% -8.6% -40.7% -12.3% Cost/income ratio in operating business (%) 45.8% 37.9% -246.5% -133.0% 87.8% 31.3% 52.0% 40.8% 103.1% 46.9% Return on equity of pre-tax profit (%) 5.9% 1.6% -30.5% -27.8% -12.9% 8.7% -18.6% -47.0% -44.0% -24.0% 31

Portfolio Restructuring Unit Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income 44 68 61 89 262 72 65 52 65 254 Provision for possible loan losses -8 0 0-256 -264-70 -169-99 11-327 Net interest income after provisioning 36 68 61-167 -2 2-104 -47 76-73 Net commission income 2 8 2-5 7 11 1-2 -2 8 Trading profit -971-581 -950-2,823-5,325-1,260 23 696-272 -813 Net investment income -229-150 -251-169 -799-135 -130-111 -65-441 Other result -1-1 0 0-2 0 0 0 2 2 Revenue before LLP -1,155-656 -1,138-2,908-5,857-1,312-41 635-272 -990 Revenue after LLP -1,163-656 -1,138-3,164-6,121-1,382-210 536-261 -1,317 Operating expenses 41 40 39 27 147 33 32 40 41 146 Operating profit -1,204-696 -1,177-3,191-6,268-1,415-242 496-302 -1,463 Impairments of goodw ill 0 0 0 0 0 0 0 0 0 0 Restructuring expenses 0 0 0 0 0 3-1 0 0 2 Pre-tax profit -1,204-696 -1,177-3,191-6,268-1,418-241 496-302 -1,465 Average equity tied up 1,435 1,341 1,499 2,057 1,583 2,070 1,934 1,786 1,626 1,854 Operating return on equity (%) -335.6% -207.6% -314.1% -620.5% -396.0% -273.4% -50.1% 111.1% -74.3% -78.9% Cost/income ratio in operating business (%) -3.5% -6.1% -3.4% -0.9% -2.5% -2.5% -78.0% 6.3% -15.1% -14.7% Return on equity of pre-tax profit (%) -335.6% -207.6% -314.1% -620.5% -396.0% -274.0% -49.8% 111.1% -74.3% -79.0% 32

Others & Consolidation Q1 2008 Q2 2008 Q3 2008 Q4 2008 FY 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 FY 2009 Net interest income -252-9 -163 310-114 -90-16 -2 139 31 Provision for possible loan losses 7-1 -30 13-11 -1-8 4 7 2 Net interest income after provisioning -245-10 -193 323-125 -91-24 2 146 33 Net commission income -83-7 -3 20-73 -80-14 -29-12 -135 Trading profit -16 7 28 24 43-145 -39-120 -105-409 Net investment income 659 135 125 132 1,051 589 314 14 9 926 Other result 32 5-40 12 9-8 2 86 106 186 Revenue before LLP 340 131-53 498 916 266 247-51 137 599 Revenue after LLP 347 130-83 511 905 265 239-47 144 601 Operating expenses -23 76 97 109 259-48 121 167 290 530 Operating profit 370 54-180 402 646 313 118-214 -146 71 Impairments of goodw ill 0 0 0 12 12 0 0 1-1 0 Restructuring expenses 11 0 4 18 33 156 57 575 230 1,018 Pre-tax profit 359 54-184 372 601 157 61-790 -375-947 Average equity tied up -7,623-7,203-7,932-9,322-8,020-1,634 2,890 11,626 12,046 6,232 Operating return on equity (%) -19.4% -3.0% 9.1% -17.2% -8.1% -76.6% 16.3% -7.4% -4.8% 1.1% Cost/income ratio in operating business (%) -6.8% 58.0% -183.0% 21.9% 28.3% -18.0% 49.0% -327.5% 211.7% 88.5% Return on equity of pre-tax profit (%) -18.8% -3.0% 9.3% -16.0% -7.5% -38.4% 8.4% -27.2% -12.5% -15.2% 33

Group equity definitions Reconciliation of equity definitions Equity basis for RoE Equity definitions Dec 2009 Jan - Dec 2009 Subscribed capital 3.071 2.712 Capital reserve 1.334 7.502 Retained earnings 7.878 5.864 Silent participation SoFFin 17.178 13.357 Reserve from currency translation -477-440 Investors Capital without minorities 28.984 28.995 Basis for RoE on net profit Minority interests (IFRS)* 716 819 Investors Capital 29.700 29.814 Basis for operating RoE and pre-tax RoE Change in consolidated companies; goodwill; consolidated net profit minus portion of dividend; others -4.000 Basel II core capital without hybrid capital 25.700 Hybrid capital 3.820 Basel II Tier I capital 29.520 * excluding: - Revaluation reserve - Cash flow hedges - Consolidated profit 34

Balance Sheet Leverage Ratio () 31.12.2008 pro-forma 31.12.2009 Equity 21,122 26,577 Total Assets 1,045,612 844,103 Derivatives netting -10,708-6,352 Trading assets / liabilities netting -256,523-193,004 Deferred taxes netting -3,000-2,586 Other assets / liabilities netting -8,499-7,893 Total Adjusted Assets 766,882 634,268 Leverage Ratio 36 24 35

Reduced refinancing needs in 2010 in bn ~48 15 33 Maturing Capital Market Liabilities Covered Bonds ~28 1/3 2/3 Not to be refinanced Unsecured Funding Funding plan ~20 30 40% 60 70% Maturing liabilities In 2010, maturities do not have to be fully refinanced due to further balance sheet reduction and high funding volume raised this year Majority of maturing covered bonds are Public Sector Pfandbriefe which do not have to be replaced Covered Bond Funding Pfandbriefe issued via Eurohypo Primary focus on Mortgage Pfandbriefe Unsecured Funding Focus on structured issuance and placements with our retail franchise Diversification by investors, markets and currency 36

Appendix 2: ABS-Portfolio (PRU) & Leveraged Acquisition Finance (LAF) 37

Significant reduction in PRU ABS Portfolio achieved Overview Nominal values and risk exposure as per year end 2009 P&L and other charges only for Q4 09 12/2008 12/2009 () Nominal values Risk exposure Nominal values Risk exposure Q4/2009 Charges Q4/09 P&L effect Q4/09 Effect on revaluation reserve Mark- down- Ratio Secondary Market ABS 19,420 12,149 17,141 9,973 162 87 75 42% Conduits 4,720 4,720 2,000 2,000 0 0 0 0% ABS Hedge book 13,700 10,300 11,651 8,661-218 -218 0 26% CIRC 1,100 1,200 362 507-5 -5 0 N/A Others (incl. Term Struct.) 755 747 686 529-20 -20 0 23% Total 39,695 29,116 31,841 21,670-81 -156 75 32% -20% -26% 38

CDA and Counterparty Risk from Monolines Development of Counterparty Default Adjustments (CDAs) 1) CDA Total CDA-Monolines 1,898 12/2008 479 2,377 627 1,750 03/2009 CDA-Other CDA Change (positive figure = loss) -529 1,848 197 1,651 06/2009-329 1,519 212 1,307 09/2009-969 550 221 329 12/2009 Net Counterparty Risk from Monolines As of 12/2009 in bn CDA in 2009 YTD: 550-1,898-1,348 2) 0.76 MtM (Recovery costs) CDA ratio for Monoline positions at 43% 0.33 CDA 0.43 Net Counterparty Risk Details MtM of derivatives has to be adjusted to the creditworthiness of counterparties. This fair value is corrected through trading P&L via CDAs. CDA decline in Q4 by - 969m to 550m is resulting from the de-recognition of protection bought from a Monoline Counterparty. Outlook Monoline exposure has been reduced significantly by full write-down of protection from critical monoline counterparties - i.e. main portion of the risks associated with weak monolines has been realised in Q4. However, the general outlook for the monoline sector did not recover with CDS Spreads likely to be volatile over the foreseeable future. This might lead to changes in CDAs accordingly. There is still potential risk for defaults in this sector. 1) CDAs referring to monoline and non-monoline counterparties 2) ABS related CDA effect (+ 927m) concerning Monolines is included in P&L figures for ABS Hedge book. Positive P&L effect from PPAs (+ 32.8m) has to be considered in the P&L 39

Secondary Market ABS (PRU) Breakdown by asset and rating classes As of 12/2009 Risk exposure in bn AAA 50% Details Loss drivers: US CDO of ABS and US RMBS, whereas asset classes which we still view critically from a fundamental viewpoint such CMBS/CRE CDO and Large Corp CDOs have improved from a MtM perspective. 10.0bn AA A BBB BB&w orse 6% 7% 13% 24% Outlook Further impairments from US related positions expected for 2010 due to the continuation of the US recession; we still expect CMBS / CRE CDO to worsen again over the course of 2010 as fundamentals have not changed in our view. () Nominal values Risk exposure Total Charges in Q4 of 2009 P&L effect Effect on revaluation reserve Mark-down-ratio* Consumer ABS 1,845 1,640 16 14 2 11% CMBS/CRE CDO 1,607 964 30 38-8 40% Government guaranteed 554 534 5 5 0 4% Large Corp. CDO 2,930 2,016 129 65 64 31% RMBS/CDO 8,438 3,543-70 -74 4 58% thereof US RMBS 2,039 359-11 1-12 82% thereof US CDO of ABS 3,536 929-93 -80-13 74% thereof Non-US RMBS/CDO 2,863 2,255 35 6 29 21% SME CDO 636 529 30 11 19 17% Others 1,131 749 22 28-6 34% Total 17,141 9,973 162 87 75 42% * Markdown-Ratio = 1-(Risk exposure / Nominal Value) 40

Conduits (PRU) Breakdown by asset and rating classes As of 12/2009 Risk exposure in bn Details PRU Conduit assets consist of Beethoven and one transaction of each Silver Tower and Kaiserplatz. 2.0bn** AAA AA A BBB 6% 8% 22% 63% Downsizing by 2.7bn since 12/2008, partly due to reduction/termination of transactions in Beethoven but also by purchasing assets from the conduit in order to restructure these deals or to conduct the workout on balance. In Q4 2009 remarkable SLLPs/impairments were taken on former Beethoven assets which are now reported under Secondary Market ABS and also under Others (incl. Term Structures). Outlook BB&w orse 1% We will continue to run down the Beethoven conduit. Further P&L-impacts cannot be ruled out, nonetheless we have seen most of the charges in 2009. () Nominal values Risk exposure Total Charges in Q4 of 2009 P&L effect Effect on revaluation reserve Mark-down-ratio* Trade Receivables 18 18 0 0 0 0% Corporate Loans 480 480 0 0 0 0% Auto Loans/Leases 0 0 0 0 0 0% Film Receivables 319 319 0 0 0 0% Equipment Leasing 0 0 0 0 0 0% Capital Commitments 478 478 0 0 0 0% Div. Payment Rights 295 295 0 0 0 0% CRE CDO 276 276 0 0 0 0% CDO of ABS 0 0 0 0 0 0% Non-US RMBS 134 134 0 0 0 0% Consumer Loans 0 0 0 0 0 0% Total 2,000 2,000 0 0 0 0% * Markdown-Ratio = 1-(Risk exposure / Nominal Value); ** Includes unutilized ABS Programmes in the amount of 140m as per year end 41

ABS Hedge Book Monoline (PRU) Breakdown by asset and rating classes As of 12/2009 Risk exposure in bn AAA AA 8% 55% Details Portfolio decreased by - 2.3bn to 6.0bn mainly driven by Unwinding of a Super Senior CDS on German RMBS transaction (- 2.3bn) Negative P&L effect in Q4 (- 227m) predominately stemming from derecognition of hedges from a Monoline Counterpart 6.0bn A BBB BB 0% 2% 25% Outlook Main part of Monoline risk realised. However, creditworthiness of Monolines still doubtful - further P&L effects possible B&w orse 10% () Nominal values Risk exposure Total Charges in Q4 of 2009 P&L effect Effect on revaluation reserve Mark-down-Ratio* Monoline CMBS/CRE CDO 192 91-8 -8-53% Large Corp. CDO 970 758 11 11-22% RMBS/CDO 5.973 4.467-271 -271-25% thereof US RMBS 273 239 44 44-13% thereof US CDO of ABS 3.101 1.759-329 -329-43% thereof Non-US RMBS** 2.599 2.469 15 15-5% Others 787 713 41 41-9% Total 7.922 6.029-227 -227-24% * Markdown-Ratio = 1-(Risk exposure / Nominal Value) ** Consists exclusively of Triple A rated Super Senior positions of European RMBS transactions; Markdown-Ratio RMBS/CDO excluding Non-US RMBS of 41% 42

ABS Hedge Book Non-Monoline (PRU) Breakdown by asset and rating classes As of 12/2009 Risk exposure in bn AAA AA 32% 34% Details Portfolio risk exposure rose by + 1.0bn to 2.6bn mainly driven by: New positions under a Total Return Swap (TRS) with a well known Bank. Counterpart is able to place assets within the TRS limits up to a limit of 2.8bn measured in risk exposure terms. 2.6bn A BBB BB B & w ors e 11% 5% 10% 7% Outlook No significant P&L effects expected as creditworthiness of the counterparties (well known Financial Institution) is considered to be reliable. () Nominal values Risk exposure Total Charges in Q4 of 2009 P&L effect Effect on revaluation reserve Mark-down-Ratio* Non-Monoline CMBS/CRE CDO 280 54 3 3-81% Large Corp. CDO 2.412 2.025 6 6-16% RMBS/CDO 926 514-2 -2-44% thereof US RMBS 0 0 0 0 - - thereof US CDO of ABS 471 135-2 -2-71% thereof Non-US RMBS 455 379 0 0-17% Others 111 39 2 2-65% Total Non-Monoline 3.729 2.632 9 9-29% Total ABS Hedge Book 11.651 8,661-218 -218-26% * Mark-down-Ratio = 1-(Risk exposure / nominal value) 43

Leveraged Acquisition Finance (LAF) Overall portfolio with focus on Underwriting / Final Hold Portfolio As of 12/2009 Exposure at Default in bn CLO Financings Leveraged- Loan-CIRCs Underwriting Final Hold 5.1 1.3 0.02 0.9 2.9 Regions 45% 6% 4% Germany USA Italy 4% 5% 3.8bn France The Netherlands 17% UK 8% Luxemburg 11% Rest of Europe Portfolio details * Underwriting and Final Hold Book: In Q4 2009, the bank did not take further significant provisions due to its active risk management and close customer contact. The main drivers for the reduction in volume vs. the end of last year are asset transfers to the default portfolio, though the majority of provisions were already incurred in 2008. Leveraged Loan CIRCs: During 2009, all but 2 CIRCs were restructured / unwound leading to a significant reduction in risk / volume (c. - 2.9bn vs. 12/2008) without incurring a loss. Two transactions are still outstanding in a total amount of 0.02bn (expected to be repaid in H1/2010). CLO Financings: Defaulting individual loans in the CLO portfolios led to one specific provision (c. 30m) in Q3/2009; no further impairment in Q4. The CLO Financings as well as Leveraged Loan CIRCs have been transferred to the Portfolio Restructuring Unit, which will continue to manage the portfolios down in an orderly manner. Outlook Underwriting and Final Hold Book: Due to their high leverage, the companies in the portfolio are more susceptible to the still negative economic environment. This will lead to further rating downgrades and thus P&L impacts with the number of defaults likely to increase if the negative economic development persists. Leveraged Loan CIRCs: We do not expect any material losses. CLO Financings: We cannot rule out additional P&L impacts from rating downgrades and/or defaults though would deem the extent of such impacts to be limited. * excluding default portfolio 44

For more information, please contact Commerzbank s IR team: Jürgen Ackermann (Head of Investor Relations) P: +49 69 136 22338 M: juergen.ackermann@commerzbank.com Christina Perić (Assistant) P: +49 69 136 22255 M: christina.peric@commerzbank.com ir@commerzbank.com www.ir.commerzbank.com Equity IR Michael H. Klein (Head of Equity IR) P: +49 69 136 24522 M: michael.klein@commerzbank.com Sandra Büschken P: +49 69 136 23617 M: sandra.bueschken@commerzbank.com Dr. Frank Grobe P: +49 69 263 50780 M: frank.grobe@dresdner-bank.com Ute Heiserer-Jäckel P: +49 69 136 41874 M: ute.heiserer-jaeckel@commerzbank.com Simone Nuxoll P: +49 69 136 45660 M: simone.nuxoll@commerzbank.com Stefan Philippi P: +49 69 136 45231 M: stefan.philippi@commerzbank.com Financial Reporting / Fixed Income Klaus-Dieter Schallmayer (Head of FR/FI) P: +49-69 263 57628 M: klaus-dieter.schallmayer @dresdner-bank.com Wennemar von Bodelschwingh P: +49 69 136 43611 M: wennemar.vonbodelschwingh @commerzbank.com Michael Desprez P: +49 69 263 54357 M: michael.desprez@dresdner-bank.com Karsten Swoboda P: +49 69 136 22339 M: karsten.swoboda@commerzbank.com Strategic Research Dirk Bartsch (Head of Strategic Research) P: +49 69 136 2 2799 M: dirk.bartsch@commerzbank.com Markus Bär P: +49 69 136 43886 M: markus.baer@commerzbank.com Ulf Plesmann P: +49 69 136 43888 M: ulf.plesmann@commerzbank.com

Disclaimer investor relations This presentation has been prepared and issued by Commerzbank AG. This publication is intended for professional and institutional customers. Any information in this presentation is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by Commerzbank Group with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgement at this date and time, and are subject to change without notice. This presentation is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issues mentioned in this presentation. Commerzbank AG and/or its subsidiaries and/or affiliates (herein described as Commerzbank Group) may use the information in this presentation prior to its publication to its customers. Commerzbank Group or its employees may also own or build positions or trade in any such securities, issues, and derivatives thereon and may also sell them whenever considered appropriate. Commerzbank Group may also provide banking or other advisory services to interested parties. Commerzbank Group accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.htm 46